Three South Korea-based shipbuilding giants - Hyundai Heavy Industries Co. (Hyundai), Samsung Heavy Industries Co. (Samsung) and Daewoo Shipbuilding & Marine Engineering Co. (Daewoo) - together received $7.21 billion worth of new orders (29 ships) in the third quarter this year, down about 66.7 percent compared with $21.84 billion (94 ships) in the second quarter, as reported by South Korea-based Yonhap News Agency.
In the third quarter of the current year, new shipbuilding orders received by Hyundai and Samsung respectively fell to $1.7 billion (8 ships) and $2.6 billion (9 ships), down significantly on $8.3 billion (49 ships) and $9.8 billion (28 ships) in the second quarter. Meanwhile, Daewoo's shipbuilding orders amounted to $2.91 billion (12 ships) in the third quarter, down from $3.74 billion (17 ships) in the second quarter. South Korean industry insiders state that the sharp decline in shipbuilding orders received in the third quarter this year was mainly due to the uncertainty caused by the European debt crisis and was also influenced by the large number of new orders received in the first half of the current year.